A large number of people from different walks of life and trades have urged the Government and the State Bank of Pakistan (SBP) authorities not to do away with the Rs five currency notes and continue the same in the circulation all over the country as valid.
Customers at various shopping centres, tradesmen and retailers said that the closure of the One- and Two-rupee currency note by the Government had 'fuelled' inflation in the country.
The closure of the Rs 5-rupee coin was introduced but it did not become a readily accepted coin and continues to be shunned by the people.
Consumers maintain that Rs five currency notes are easier to carry and exchange than coins. Secondly, gradually the inherent value of the rupee in the market is being eroded due to the coinage usage and the compulsory circulation of Rs five coins instead of currency notes would add to inflation.
Many people argue that once the five-rupee coin is forced upon the public, it will soon be the official comment that Rs ten currency notes were too cumbersome and should be replaced by coins in the denomination of Rs ten, thus adding further inflation in the country.
The State Bank of Pakistan reportedly maintains that Rs five currency notes are requiring replacement very soon, due to soilage and damage to the notes in daily handling whereas coins would not require replacement that early.
However, people in general do not buy this argument and maintain that the State Bank of Pakistan is already making huge profits and the people's demand, that Rs five currency notes be continued in circulation even in the new financial year, be accepted.
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